PERTH (miningweekly.com) – Junior Critical Resources has completed the acquisition of the Mavis Lake lithium project, in Ontario.
The ASX-listed company in October of last year signed a binding term sheet to acquire the Mavis Lake project from ASX-listed Essential Metals and TSX-V-listed International Lithium Corporation.
Under the terms of the agreement, Critical Resources paid A$1.5-million in cash and issued 68-million shares to the sellers, as well as 8-million shares to the facilitator of the transaction.
A further A$1.5-million in cash and A$100 000 worth of Critical Resources shares will become payable on the definition of a Joint Ore Reserves Committee-compliant resource of no less than 5-million tonnes, containing no less than 50 000 t of lithium. A further A$1.5-million in cash and A$100 000 in shares will also be payable on the definition of a resource of no less than 10-million tonnes, containing no less than 100 000 t of lithium.
“We are very excited to complete the acquisition of the Mavis Lake lithium project. We have no doubt that the project will add significant value to the business moving forward,” said Critical Resources MD Alex Biggs.
“Our strategy in 2022 is to begin exploration drilling as soon as possible once permitting is completed. We have multiple targets to explore with a view to achieving, over time, the milestones set out by the vendors of 5-million and 10-million tonnes.”